Credit unions pride themselves on the quality of member service and the personalized attention they give their members. However, as the world moves toward digitalization and a large part of member service is now conducted online, credit unions must do everything they can to create high-quality digital member services (DMS).
Understanding what digital services members want and need is the first step to creating a DMS platform that members can rely on and enjoy. While speed, efficiency, and a user-friendly interface are key aspects of any DMS platform, it will take more than that to completely satisfy members. Here's a better idea of some of the features and services members want from a DMS platform and how you can provide them.
Creating a quality DMS platform for credit unions
It’s important to remember that a complete digital member experience goes way beyond just helping your members when they are in need. A digital member experience is the sum of all the online interactions your member has with your brand, including your website, chatbots, social media, push notifications etc. To be competitive in 2021, credit unions must focus on creating a digital member service platform that is intentional and provides a seamless experience for their members.
- Know your audience and fix what’s broken: Getting feedback from your members is crucial and can help you determine what is working and what needs to be improved. By continually utilizing data and member feedback, your CU can take the steps to fix what’s broken and craft an intentional, thought-out digital experience that reflects the core tenets of your credit union.
- Consistency: When members use your DMS platform, they walk away with one experience of your brand. A crucial part of making that experience memorable is making sure there is consistency across all channels on your DMS platform. Eliminate friction and avoid having too many third-party vendors involved in your digital experience.
- Seamlessness: To stay competitive, many CUs have partnered with third-party fintech companies to provide digital services and features that they are unable to provide themselves. The problem with this approach is that it can create a fragmented DMS experience that’s rife with friction. Instead, credit unions should seek to partner with a quality core provider technology that can consolidate your DMS into one seamless, single-channel experience.
- Data: CUs should utilize machine learning and AI to make use of member data and connect data across different interaction points to create exciting digital member journeys. Using AI in order to create a more enjoyable DMS and to continually improve upon that experience should be the goal.
- Features: These days, members want to be able to do everything they once did in-person online. That means they expect a variety of features to be available through your DMS platform. Some of the most important features include digital lending services, eSignature technology, digital onboarding, access to account information and a myriad of digital banking services such as P2P payment capabilities and ATM and branch locators. All of these features should be fast, efficient and seamlessly connected.
In 2021, creating a superior DMS for your members is essential to continue to grow and thrive as a CU.
The benefits of a quality DMS experience
When you create a superior DMS experience for your members, you are essentially putting the face and soul of your credit union forward in the best possible light. The more seamless, enjoyable, and efficient this experience is for your members, the more likely your credit union will continue to succeed.
What are some of the benefits that a quality digital member experience can have for your CU?
- Increased member retention rate: Enhancing your digital member experience can lead to higher retention rates among your members. Over the long term, this will have a huge effect on your CU’s bottom line.
- Member acquisition: One of the most important elements of a quality DMS is the ability to generate real-time leads, as well as being able to seamlessly assist members during the onboarding process. These two features can help your CU acquire new members and continue to excel.
- Enhanced member relationships: As credit unions adapt to the digital age, they must learn how to provide the same member-focused, personalized attention online that they’ve traditionally given to members in person. The benefit of having a sophisticated and intentional DMS, is that it can utilize data and AI, as well as other features such as push notifications to make your CU’s DMS experience more personal and enhance your CU’s relationship with your members.
The best way to improve your DMS platform is by choosing the right technology to support your system and to create the best possible member experience. FLEX credit union core technology has helped hundreds of credit unions improve their digital member service and online banking platforms over the years.
In recent news, FLEX has partnered with Glia, a leading provider in Digital Member Service which helps credit unions create high-quality DMS platforms. Together, FLEX and Glia plan to change the way traditional credit union member support is handled by combining all support communication means into one unified digital member service experience.